Recent News
On June 16, 2026 Aeva announced a development agreement with Bendix to build an L2+ active-safety production solution for commercial vehicles. On August 5, 2026 Aeva reported second-quarter 2026 results while launching an Optical Connectivity business and signing a joint development agreement targeting a hyperscaler deployment beginning H2 2027 with production ramp in 2028; the Q2 materials also note SICK’s Eve-powered industrial sensor and a supplier award.
Technical Analysis
ADX/DI+: ADX at 20.53 indicates an emerging trend strength. Directional indicators show bullish bias because DI+ registered a dip-and-reverse and DI- registered a peak-and-reverse; however DI- (28.36) still exceeds DI+ (19.54), reducing conviction for sustained upside despite the bullish signal.
MACD: MACD sits negative at -1.22 with a dip-and-reverse pattern, signaling improving momentum; MACD remains below the signal line (-0.99), so momentum improvement has not yet produced a bullish crossover and upside remains conditional on further MACD lift.
MRO: MRO at 7.4 registers positive, which implies the current price sits modestly above the internal target and creates mild downward pressure on price until the oscillator turns negative or shrinks toward zero.
RSI and momentum: RSI at 44.77 with a decreasing trend signals weakening short-term momentum and suggests limited immediate buying pressure; the indicator supports a neutral-to-slightly-bearish near-term bias.
Price vs averages and bands: Last close $15.62 sits below short- and mid-term averages (12-day EMA $16.37 decreasing; 26-day EMA $17.69; 50-day avg $19.21) and slightly below the 200-day average ($17.15), indicating price remains beneath key moving-average resistance. Price near the lower half of the 1x Bollinger band range ($14.87–$17.42) suggests limited downside before band support, but high 42-day beta (5.0) warns of sharp intraday moves.
Fundamental Analysis
Profitability and margins: EBIT at -$78,370,000 and EBITDA at -$76,523,000 produce an EBIT margin of -12.77%, an operating return materially below the industry peer mean of 12.30% and industry peer median of 16.49%; the company’s EBIT margin improved QoQ by +136.88% and improved YoY by +101.55%, but remains deeply negative in absolute terms.
Revenue and growth: Total revenue $6,136,000 with YoY revenue growth -2.01% and QoQ revenue change -117.64% indicate top-line contraction on reported intervals; gross profit $2,189,000 delivers a gross margin of 35.68%, modestly below the industry peer mean gross margin of 39.46%.
Cash, liquidity, and leverage: Cash and short-term investments total $177,889,000, current ratio 7.85 and quick ratio 7.63 reflect ample near-term liquidity. Total debt $102,371,000 produces debt-to-equity 3.72 and debt-to-assets 44.94%, both above the industry peer mean (debt-to-equity mean 0.43; debt-to-assets mean 19.22%) and indicating materially higher leverage relative to peers despite healthy cash reserves.
Cash flow and capital: Operating cash flow negative at -$31,167,000 and free cash flow -$31,352,000 produce a negative free-cash-flow yield of -2.36%, below the industry peer mean free-cash-flow yield of +0.35%. Free-cash-growth shows a short-term uptick of +11.68% but trailing YoY growth registered a large decline per the provided year-over-year figure.
Valuation and per-share metrics: Price-to-book near 48.30x and price-to-sales ~216.71x far exceed the industry peer means (book mean ~9.30x; PS mean ~32.21x). Forward EPS and PE metrics remain negative. The current valuation, as determined by WMDST, reads over-valued given negative operating earnings, very high market multiples, and elevated leverage despite ample cash.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-05 |
| NEXT REPORT DATE: | 2026-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 31.2 M |
| Operating Cash Flow | $ -31.17 M | |
| Capital Expenditures | $ -185.00 K | |
| Change In Working Capital | $ -8.44 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 12.1 M | |
| End Period Cash Flow | $ 43.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 6.1 M | |
| Forward Revenue | $ 531.9 K | |
| COSTS | ||
| Cost Of Revenue | $ 3.9 M | |
| Depreciation | $ 2.0 M | |
| Depreciation and Amortization | $ 1.8 M | |
| Research and Development | $ 24.9 M | |
| Total Operating Expenses | $ 40.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 2.2 M | |
| EBITDA | $ -76.52 M | |
| EBIT | $ -78.37 M | |
| Operating Income | $ -34.56 M | |
| Interest Income | $ 893.0 K | |
| Interest Expense | $ 1.2 M | |
| Net Interest Income | $ -303.00 K | |
| Income Before Tax | $ -79.57 M | |
| Tax Provision | $ 58.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -79.62 M | |
| Net Income From Continuing Operations | $ -79.62 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.43 | |
| EPS Actual | $ -0.41 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 4.651 % | |
| Forward EPS | $ -0.40 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 227.8 M | |
| Intangible Assets | $ 375.0 K | |
| Net Tangible Assets | $ 27.2 M | |
| Total Current Assets | $ 203.7 M | |
| Cash and Short-Term Investments | $ 177.9 M | |
| Cash | $ 43.2 M | |
| Net Receivables | $ 3.7 M | |
| Inventory | $ 5.7 M | |
| Long-Term Investments | $ 31.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 7.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 26.0 M | |
| Net Debt | $ 53.7 M | |
| Total Debt | $ 102.4 M | |
| Total Liabilities | $ 200.3 M | |
| EQUITY | ||
| Total Equity | $ 27.5 M | |
| Retained Earnings | $ -871.89 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.40 | |
| Shares Outstanding | 68.683 M | |
| Revenue Per-Share | $ 0.09 | |
| VALUATION | Market Capitalization | $ 1.3 B |
| Enterprise Value | $ 1.3 B | |
| Enterprise Multiple | -16.39 | |
| Enterprise Multiple QoQ | -43.824 % | |
| Enterprise Multiple YoY | -43.599 % | |
| Enterprise Multiple IPRWA | high: 302.042 median: 97.5 mean: 95.115 AEVA: -16.39 low: -265.033 |
|
| EV/R | 204.4 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 8.274 | |
| Asset To Liability | 1.137 | |
| Debt To Capital | 0.788 | |
| Debt To Assets | 0.449 | |
| Debt To Assets QoQ | -35.137 % | |
| Debt To Assets YoY | 2142.515 % | |
| Debt To Assets IPRWA | high: 0.731 AEVA: 0.449 median: 0.229 mean: 0.192 low: 0.001 |
|
| Debt To Equity | 3.719 | |
| Debt To Equity QoQ | -145.214 % | |
| Debt To Equity YoY | -24152.587 % | |
| Debt To Equity IPRWA | AEVA: 3.719 high: 2.204 mean: 0.433 median: 0.36 low: -0.8 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 48.301 | |
| Price To Book QoQ | -164.571 % | |
| Price To Book YoY | -672.362 % | |
| Price To Book IPRWA | AEVA: 48.301 high: 17.779 mean: 9.305 median: 8.415 low: -2.382 |
|
| Price To Earnings (P/E) | -47.444 | |
| Price To Earnings QoQ | 80.278 % | |
| Price To Earnings YoY | -4.829 % | |
| Price To Earnings IPRWA | high: 454.629 mean: 164.8 median: 139.449 AEVA: -47.444 low: -148.034 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 216.707 | |
| Price To Sales QoQ | 46.191 % | |
| Price To Sales YoY | 19.749 % | |
| Price To Sales IPRWA | AEVA: 216.707 high: 91.147 mean: 32.209 median: 31.03 low: 0.798 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -49.475 | |
| Forward PE/G | — | |
| Forward P/S | 2432.976 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -65.657 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.033 | |
| Asset Turnover Ratio QoQ | -14.569 % | |
| Asset Turnover Ratio YoY | -38.932 % | |
| Asset Turnover Ratio IPRWA | high: 0.547 mean: 0.178 median: 0.14 AEVA: 0.033 low: 0.002 |
|
| Receivables Turnover | 1.713 | |
| Receivables Turnover Ratio QoQ | -6.784 % | |
| Receivables Turnover Ratio YoY | -27.425 % | |
| Receivables Turnover Ratio IPRWA | high: 2.33 AEVA: 1.713 mean: 1.63 median: 1.607 low: 0.626 |
|
| Inventory Turnover | 0.675 | |
| Inventory Turnover Ratio QoQ | -8.047 % | |
| Inventory Turnover Ratio YoY | -69.075 % | |
| Inventory Turnover Ratio IPRWA | high: 2.925 mean: 0.877 median: 0.853 AEVA: 0.675 low: 0.165 |
|
| Days Sales Outstanding (DSO) | 53.284 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 50.982 | |
| Cash Conversion Cycle Days QoQ | -19.298 % | |
| Cash Conversion Cycle Days YoY | 148.532 % | |
| Cash Conversion Cycle Days IPRWA | high: 389.683 mean: 104.41 median: 93.299 AEVA: 50.982 low: -166.342 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.035 | |
| CapEx To Revenue | -0.03 | |
| CapEx To Depreciation | -0.09 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 124.4 M | |
| Net Invested Capital | $ 124.4 M | |
| Invested Capital | $ 124.4 M | |
| Net Tangible Assets | $ 27.2 M | |
| Net Working Capital | $ 177.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 6.852 | |
| Current Ratio | 7.846 | |
| Current Ratio QoQ | 91.609 % | |
| Current Ratio YoY | 1114.141 % | |
| Current Ratio IPRWA | high: 14.857 AEVA: 7.846 mean: 2.69 median: 1.813 low: 0.516 |
|
| Quick Ratio | 7.626 | |
| Quick Ratio QoQ | 95.837 % | |
| Quick Ratio YoY | 1146.896 % | |
| Quick Ratio IPRWA | high: 13.267 AEVA: 7.626 mean: 2.1 median: 1.399 low: 0.332 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -1.338 | |
| Cost Of Debt | 0.702 % | |
| Interest Coverage Ratio | -65.527 | |
| Interest Coverage Ratio QoQ | 129.588 % | |
| Interest Coverage Ratio YoY | -98.124 % | |
| Interest Coverage Ratio IPRWA | high: 190.294 mean: 12.997 median: 7.904 AEVA: -65.527 low: -254.6 |
|
| Operating Cash Flow Ratio | -2.892 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 125.767 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 54.646 % | |
| Revenue Growth | -2.012 % | |
| Revenue Growth QoQ | -117.643 % | |
| Revenue Growth YoY | -103.162 % | |
| Revenue Growth IPRWA | high: 57.54 % mean: 12.74 % median: 8.711 % AEVA: -2.012 % low: -33.957 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 200.0 % mean: 21.384 % median: 10.215 % AEVA: 0.0 % low: -168.75 % |
|
| MARGINS | ||
| Gross Margin | 35.675 % | |
| Gross Margin QoQ | 15.095 % | |
| Gross Margin YoY | -172.281 % | |
| Gross Margin IPRWA | high: 86.78 % mean: 39.456 % median: 38.478 % AEVA: 35.675 % low: -57.962 % |
|
| EBIT Margin | -1277.216 % | |
| EBIT Margin QoQ | 136.877 % | |
| EBIT Margin YoY | 101.55 % | |
| EBIT Margin IPRWA | high: 29.361 % median: 16.493 % mean: 12.303 % low: -229.509 % AEVA: -1277.216 % |
|
| Return On Sales (ROS) | -563.233 % | |
| Return On Sales QoQ | 0.38 % | |
| Return On Sales YoY | -11.119 % | |
| Return On Sales IPRWA | high: 29.361 % median: 15.494 % mean: 14.358 % low: -229.509 % AEVA: -563.233 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -31.35 M | |
| Free Cash Flow Yield | -2.358 % | |
| Free Cash Flow Yield QoQ | -22.024 % | |
| Free Cash Flow Yield YoY | -24.592 % | |
| Free Cash Flow Yield IPRWA | high: 2.95 % median: 0.384 % mean: 0.354 % AEVA: -2.358 % low: -10.944 % |
|
| Free Cash Growth | 11.68 % | |
| Free Cash Growth QoQ | -37.396 % | |
| Free Cash Growth YoY | -6089.744 % | |
| Free Cash Growth IPRWA | high: 458.586 % mean: 26.57 % median: 21.472 % AEVA: 11.68 % low: -359.143 % |
|
| Free Cash To Net Income | 0.394 | |
| Cash Flow Margin | -1223.517 % | |
| Cash Flow To Earnings | 0.943 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -42.455 % | |
| Return On Assets QoQ | 98.443 % | |
| Return On Assets YoY | -77.346 % | |
| Return On Assets IPRWA | high: 5.859 % median: 1.741 % mean: 0.622 % low: -27.727 % AEVA: -42.455 % |
|
| Return On Capital Employed (ROCE) | -38.83 % | |
| Return On Equity (ROE) | -2.892 | |
| Return On Equity QoQ | -202.605 % | |
| Return On Equity YoY | -277.34 % | |
| Return On Equity IPRWA | high: 0.149 median: 0.045 mean: 0.036 low: -0.481 AEVA: -2.892 |
|
| DuPont ROE | -1053.25 % | |
| Return On Invested Capital (ROIC) | -37.791 % | |
| Return On Invested Capital QoQ | 57.417 % | |
| Return On Invested Capital YoY | -261.88 % | |
| Return On Invested Capital IPRWA | high: 11.748 % median: 3.323 % mean: 2.845 % low: -14.412 % AEVA: -37.791 % |
|